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Quandt only reveals that Google is working on a mobile device that will be powered by the Qualcomm Snapdragon 710 processor, which brings flagship features to mid-range phones, such as 4K HDR video recording and AI technologies. He doesn't give any other details of the phone, but he does say that hardware development on started about a month ago, so we can't expect to see it anytime soon.
The mid-range Pixel device, if real, certainly won't be unveiled at Google's hardware event later this year, where it will unveil the Pixel 3 and Pixel 3 XL. It's not the first time we've heard about a slightly lesser-specced Pixel phone, as earlier this year there were rumours to suggest a budget model would launch this summer between July and August.
That phone is thought to be aimed at more emerging markets, such as India, and will be powered by Android One. This device that Roland Quandt is talking about sounds like it will be more of a genuine mid-range phone, although it will be need to be priced aggressively to compete with the likes of the Honor 10 and OnePlus 6.